In this guide

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  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
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Commonwealth Bank Youthsaver Account

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Updated
Commonwealth Bank Youthsaver Account
Maximum variable rate
5.00% p.a.
Base interest rate
2.6%p.a.
Minimum deposit
$1

Summary

Get a bonus on your interest every time you practice good savings habits with your Youthsaver Account

Designed to encourage young Australians to save, the Youthsaver Account pays interest on the balance, and then adds a bonus to that each month you are able to meet their terms. Pay no monthly fees, and use CommBank facilities to make your withdrawals and you can avoid any transaction fees as well.

Pros

  • No account keeping fees
  • Phone and internet banking available
  • Counter service available
  • Competitive interest rate available

Cons

  • International fees apply on transactions made abroad
  • There may be withdrawal fees from non-Commonwealth bank ATMs

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Commonwealth Bank Youthsaver Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 2.60% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Key features

Interest rates

The base rate for this account is nominal.

Bonus rates

For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 5%.

Launch savings calculator

How to apply

If you are new to Commonwealth Bank both the account holder and signatory adult if applicable will need to visit a local branch to apply for the account. If you are already a Commonwealth Bank customer you are able to apply for the Youthsaver Account through NetBank by applying online but there are special conditions for applying online.

Eligibility

Check with the following eligibility requirements before proceeding with the application:

  • Minimum age. You must be under 17 to be eligible for this account, but if you are under 16 a parent or guardian must complete the application for you. If you're aged over 17 may apply on behalf of their child, grandchild, niece or nephew but accounts cannot be opened through a trust.
  • Residency requirements. You will need to be able to provide an Australian residential address when applying for this account.

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St.George Maxi Saver
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Sources
  1. Commonwealth Bank Youthsaver Account information page
  2. Commonwealth Bank Youthsaver Account TMD

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Alison Finder

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Melannie

January 28, 2024

What is the minimum monthly deposit amount to receive the 5% interest rate?


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Jason Loewenthal Finder

February 02, 2024

Hi Melannie,


There is no minimum monthly deposit for this account, though to active the bonus interest you need to grow the balance each month (excluding interest earned that month).


I hope that helps.


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Julie

January 11, 2024

Do you know what happens after they turn 17? Do they need to start a new account?


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Sarah Megginson Finder

January 11, 2024

Hi Julie, The account is designed for people aged up to 17. Once you turn 18, the bank will contact you and help you transfer the account to a different savings or transaction account of your choice.


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Sarah

January 10, 2024

Do I have to have an account with you to open up a youth saver account for my child?


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Sarah Megginson Finder

January 10, 2024

Hi Sarah, No you don’t need to be a CommBank customer. But depending on your child’s age, as a parent or legal guardian, you may need to open a Youthsaver account on their behalf. For a child under 14, you’ll need You’ll need to provide at least one form of ID for you (e.g. current driver’s licence or passport) if you don’t already bank with CommBank, and ID for your child (e.g. birth certificate or passport).


Hope this helps!


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Jana Roki

December 29, 2023

Hi, please help.

My 17 years old son is about to start TAFE in February and we have set up a payment plan through PaySmart with payments coming out on fortnightly basis from his Youthsaver Account. His first payment didn’t go through even though he had sufficient funds in it. Please advise. Does he need to open a different account?

Thank you


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Avatar

Jason Loewenthal Finder

January 05, 2024

Hi Jana,


We’re a comparison site, not CommBank, so you might have more luck contacting CommBank directly on 13 22 21.


The Youthsaver account is a savings account, so there might be restrictions on payments coming out of it. You may need an everyday account for the payments to be taken out of.


I hope that helps.


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Jarryd

October 06, 2023

What will happen to my youth saver account when I turn 18? Am I allowed to still hold it as a youthsaver or am I forced to switch to another type of account?


Avatar

Richard Whitten Finder

October 23, 2023

Hi Jarryd,


Once you turn 18 the bank will contact you and help you transfer the account to a different savings or transaction account of your choice.


Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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